The First-ever Regulated Crypto Exchange of Canada, Wealthsimple Goes Live

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Endorsed by the infamous Winklevoss twins of the Gemini cryptocurrency exchange, the WealthSimple trading platform has been officially launched for the Canadian investors
  • Back in July, 2020, the company decided to step into the world of cryptocurrency with the roll out of Wealthsimple Crypto
  • Michael Katchen the CEO and Co-founder of WealthSimple said that there is a huge shortage of trading platforms in Canada

Canada’s first-ever regulated crypto exchange, WealthSimple is live now! Endorsed by the infamous Winklevoss twins of the Gemini cryptocurrency exchange, the WealthSimple trading platform has been officially launched for the Canadian investors. All trading options and products would be available to investors in the 13 Canadian provinces from September 22nd. The general counsel of the company, Blake Wiley announced that the cryptocurrency won’t be stored in the company’s own wallets. Instead the crypto custodial services would be offered by the US based cryptocurrency exchange, Gemini. 

Wealthsimple Announced its Plan for the Exchange Launch Back in July

This company is based on Toronto. Equipped with some of the best online investment management services in the sector, Wealthsimple primarily focuses on the millenials. Back in July, 2020, the company decided to step into the world of cryptocurrency with the roll out of Wealthsimple Crypto. The new service offers commission free BTC and ETH trading services through their mobile trading application. Wealthsimple Digital Assets Inc., a brand new branch which formed out of the Wealthsimple Financial Corp., is supposed to sponsor the operations of Wealthsimple Crypto. 

Lack of Optimal Crypto Trading Platforms to be Solved by Wealthsimple

Michael Katchen the CEO and Co-founder of WealthSimple said that there is a huge shortage of trading platforms in Canada, because of which traders do not get optimal exposure. Wealthsimple is  well trusted among investors because of its diverse trading and investment options and they saw this as an opportunity to extend their services to the crypto sector. Canadian investors generally face a lot of challenges while trading or selling crypto. However, Whitesimple being a premium institution will eradicate all such challenges and  offer affordable, easy, and secure trading options to the investors. 

First Crypto Organization to Receive Approval From CSA to Operate in Canada 

The company received its regulatory approval from the Canadian securities regulators just a month ago on August 7th. Consequently it became the first ever organization to receive approval to operate in Canada from the Canadian Securities Administration (CSA). A beta version on the platform was released shortly before the launch of the platform. Almost 130,000 Canadians joined the waitlist involved with the beta launch.

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